Employment Law/401k


I lost 50% of my income three years ago and have had a negative cash flow going deeper in dept every day. I have loans on my 401k which was no problem with my higher income however crippled me with the income cut. I still owe 30,000 in loans and have well over 100,000 in the 401k. I would gladly pay the 10% penalty and the taxes on the 30k to have a positive cash flow again. This is my money, why cant I decide how to use it? Is there any way to access this money without losing my job?

The 401k is a retirement account. Other than the loans you are allowed to make against the 401k you are not allowed to withdraw your funds until you are 59 1/2 years old at which time you can make withdrawals from your account.

You should check your 401K SPD to make sure that is how your 401k is set up but it is they way most 401K plans work.


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Shirley McAllister, CPP, PHR


I can answer questions about payroll laws and payroll tax laws and Human Resource laws and agencies. I can answer federal payroll and human resource law questions and most states; I do not have a knowledge of the local taxes for cities and counties within the state. If and when I can I will try and send you the website where you can reference the answer and where you can obtain more information as well as a contact number if needed for that particular agency. Some agencies I have worked with are IRS, Department of Labor (federal and state), Revenue Canada (and provincial governments), Inland Revenue, OSHA (0ccupational Safety and Health Administration); Social Security Administration and National Child Support as well as other agencies in Payroll and Human Resources. Some Laws I am particularly familiar with are FLSA (Fair Labor Standards Act), ADA (Americans With Disabilities Act), FMLA (Family Medical Leave Act) COBRA (Consolidated Omnibus Reconciliation Act ) , QDRO's, QMCSO's, and other support orders and garnishments, USERRA (Uniformed Services Employment and Remployment Rights Act,PPA Act (Pension Protection Act of 2006, As well as most other employment type acts. I am also well versed in the Title V Civil Rights Act and the HIPAA (Health Insurance Portability and Accountability Act).


30 years in Payroll and Human Resources

SHRM (Society of Human Resources) APA (American Payroll Association) DOLEA (Department of Labor Employers Association) CPA (Canadian Payroll Association) NAPW (National Association of Professional Women) The Mentoring Network

PHR Certification in Human Resources CPP Certification in Payroll in U.S. Payroll Administrator and Payroll Supervisor certification in Canada

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